Reverse Mortgage

Turn your home into an earning asset

How can Reverse Mortgage Help You?

A reverse mortgage is a loan option you can explore by using your existing home as an asset. Reverse mortgage services from All Star Realty And Mortgage are mostly availed by senior citizens or people older than 60 years. When used properly, a reverse mortgage plan can help you create a regular income with the help of your precious home. All you need is considerable equity in the home you want to use for reverse mortgage assets. The homeowner relinquishes a part of his equity to the moneylender and, in return, receives money as regular payments or lump sums. The owner can also take the loan as a line of credit. A reverse mortgage plan helps you in securing a retirement plan with the help of your home. The home remains in the owners’ name, and the residential rights stay with them. However, they do not have to make any mortgage repayments.

Are you eligible for a Reverse Mortgage loan?

You are eligible for a reverse mortgage loan if you are a senior citizen or someone above 62 years old in age. You can avail a reverse mortgage plan as long as your home is free from any other loans. Moreover, you should possess at least 50 percent of the homeownership equity so that you can take the mortgage against it. However, if you are a co-op housing policy benefactor, you cannot apply for a reverse mortgage loan. For more clarity on eligibility criteria in the reverse mortgage area, you should contact your nearest Loan Officer.

Do you require a down payment for the Reverse Mortgage loan process?

As a reverse mortgage loan borrower, you have to put down a certain amount for your down payment for the loan amount. However, this amount will be only used to cover the processing costs and will go from the amount the moneylender has to give you. By taking the services of a credible money lender from All Star Realty And Mortgage, you can easily pay the costs and avail benefits of a reverse mortgage.